JAKARTA One of the leading crypto exchanges, Huobi Global has been operating since 2013. Huobi has more than 45 million platform users from various countries. Recently, Huobi experienced problems operating in Malaysia.
The Malaysian government accuses the Huobi crypto exchange and CEO Leon Li of running its crypto services without permission in the country. This prompted the Malaysian Security Order (SC) financial authority to issue an order for Huobi to stop its operations in Malaysia.
Not only that, the Malaysian Security Order also ordered Huobi to deactivate its official website and mobile apps in Malaysia starting today. This is Malaysia's crackdown on crypto company Huobi Global Limited.
It didn't stop there, the Malaysian regulator even ordered Huobi CEO, Leon Li, so that crypto exchanges would not show advertising through any platform related to Huobi to domestic investors.
اقرأ أيضا:
"This decision was taken after concerns regarding compliance with this platform regarding local regulatory requirements and investor protection interests. The Malaysian Security Order sees this violation as a serious problem, because running DAX without obtaining SC registration as a Recognized Market Operator (RMO) is a violation according to Article 7(1) of the 2007 Capital and Services Market Law," said SC Malaysia, quoted from Coincu.
As a result of the decision, the Malaysian regulator asked local investors to withdraw funds and close their accounts from the Huobi crypto trading platform. Regulators direct their citizens to use registered crypto exchanges, such as Luno Malaysia, Tokenize Technology, MX Global, and SONEGY DAX.
That way, Huobi's crypto exchange is included in the list of centralized exchanges (CEX) that are prohibited from operating its services in neighboring countries. Malaysian regulators emphasize local investors to be 'be careful in choosing investment platforms and always conduct research before making investment decisions.'
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